Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,158,857 members, 7,838,066 topics. Date: Thursday, 23 May 2024 at 02:57 PM

Striking Off Company – Struck Off Reasons, Documentation, Legal Processes - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Striking Off Company – Struck Off Reasons, Documentation, Legal Processes (106 Views)

Striking Off Company: A Guide To Closing A Company / Tobi Amira: Moniepoint Processes $7 Billion Dollars Monthly In Nigeria (Video) / Ndic – “digital Currency Trading Is Not Legal In Nigeria” See Why! (2) (3) (4)

(1) (Reply)

Striking Off Company – Struck Off Reasons, Documentation, Legal Processes by MicrovistaTechn: 2:05pm On May 24, 2023
Striking off company refers to the process of removing a company's name from the official register maintained by the relevant government authority. This procedure typically occurs when a company is no longer operating or when the company's directors or shareholders wish to dissolve it. The specific requirements, legal processes, and documentation for striking off company may vary depending on the jurisdiction. However, I can provide you with a general overview of the common aspects involved in striking off company.

Reasons for striking off:

The company is no longer carrying on business activities.
The directors and shareholders have decided to dissolve the company.
The company has ceased operations and has no outstanding liabilities or assets.

Legal processes and requirements:

Ensure compliance: Before initiating the striking off process, it is important to ensure that all legal requirements and obligations have been fulfilled. This includes settling outstanding debts, filing required tax returns, and closing bank accounts.

Board resolution: The company's directors typically need to pass a board resolution recommending the striking off of the company. The resolution should be recorded and kept as part of the company's official records.

Shareholder approval: Depending on the jurisdiction, shareholder approval may be required to proceed with the striking off process. This could involve convening a general meeting and obtaining the necessary majority vote to approve the dissolution.

Notification: The relevant government authority responsible for company registrations needs to be officially notified about the intention to strike off the company. This is typically done by filing the required forms or applications along with the necessary supporting documents. The specific forms and documents required can vary by jurisdiction, and it is essential to consult the appropriate government agency or seek legal advice to ensure compliance.

Advertisement: In some jurisdictions, it may be necessary to advertise the company's intention to strike off in a designated newspaper or publication. This serves to notify any interested parties, such as creditors or employees, who may have claims against the company.

Waiting period: After submitting the necessary documents and notifications, there is usually a waiting period specified by the relevant government authority. During this time, interested parties may have the opportunity to raise objections or claim outstanding debts.

Striking off: If there are no objections or outstanding issues at the end of the waiting period, the company's name is officially struck off the register. The company is then considered dissolved, and its legal existence ceases.

Documentation:
The specific documentation required for striking off company can vary, but generally, it may include:

Board resolution recommending the striking off of the company.
Shareholder resolution approving the dissolution (if applicable).
Completed applications or forms provided by the government authority.
Supporting documents, such as financial statements, tax clearance certificates, and any other relevant records.

It is important to note that the process and requirements for striking off company can differ significantly depending on the jurisdiction. It is advisable to consult with a legal professional or seek guidance from the appropriate government agency to ensure compliance with the specific regulations applicable to your situation.

(1) (Reply)

Hiking Gear Accessories - Must-have Items For Your Next Outdoor Adventure / Explore The Revenue Stream Of NFT Aggregator Marketplace / Are There Any Real Estate Agents In Brampton Who Specialize In Luxury Properties

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 13
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.